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News

Silvercorp Reports Financial and Operating Results for the Fourth Quarter and Fiscal Year Ended March 31, 2013

May 22, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2013) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) today reported its financial and operating results for the fourth quarter and fiscal year ended March 31, 2013.

FOURTH QUARTER HIGHLIGHTS

--  Silver production of 0.94 million ounces;
--  Sales of $33.1 million;
--  Net income of $6.4 million or $0.04 per share;
--  Cash flow from operations of $14.8 million, or $0.09 per share;
--  Payment of a quarterly dividend to shareholders of $4.3 million or
    CAD$0.025 per share; and
--  Re-negotiated contracts with eight mining contractors at the Ying Mining
    District with updated fees to reflect the change in mining strategy,
    which increases the use of the lower cost shrinkage method to 75% and
    reduces the use of the higher cost re-suing method to 25% for expected
    ore production of 900,000 tonnes in Fiscal 2014. The new contracts are
    expected to provide a reduction in total mining cost.

FISCAL YEAR 2013 HIGHLIGHTS

--  Silver production of 4.97 million ounces;
--  Gold production of 12,457 ounces;
--  Sales of $181.6 million;
--  Adjusted net income of $36.9 million or $0.22 per share;
--  Cash flow from operations of $85.8 million, or $0.50 per share;
--  Cash cost of $0.48 per ounce of silver at the Ying Mining District;
--  Completed construction of the GC mine and began trial mining and
    processing;
--  Return of $17.1 million to shareholders in quarterly dividend payments
    of CAD$0.025 per share; and
--  Commenced the implementation of a new mining strategy at the Ying Mining
    District which is expected to have a positive long-term impact on
    operations.

FINANCIALS

1. Q4 Fiscal 2013 vs. Q4 Fiscal 2012

For the quarter ended March 31, 2013 ("Q4 Fiscal 2013"), net income attributable to equity holders of the Company was $6.4 million or $0.04 per share compared to net income of $9.7 million or $0.06 per share in the quarter ended March 31, 2012 ("Q4 Fiscal 2012").

Compared to the same prior year quarter, the decrease in net income was mainly due to (i) lower base metal production: 11.7 million pounds of lead and zinc were produced and sold in this quarter compared to 17.6 million pounds of lead and zinc in Q4 Fiscal 2012; (ii) a decrease in realized prices for silver and lead of 7% and 8%, respectively; and (iii) an increase in production costs.

In Q4 Fiscal 2013, the Company realized sales of $33.1 million compared to $44.3 million in Q4 Fiscal 2012.

Cost of sales in Q4 Fiscal 2013 was $16.1 million compared to $14.3 million in Q4 Fiscal 2012 and included cash costs of $13.8 million compared to $11.1 million in Q4 Fiscal 2012. The increase of cost of sales was due to an 11% increase in ore production.

The gross profit margin in Q4 Fiscal 2013 was 52%, compared to 68% in Q4 Fiscal 2012.

Cash flow from operations in Q4 Fiscal 2013 was $14.8 million or $0.09 per share, compared to $12.6 million, or $0.07 per share, in Q4 Fiscal 2012.

2. Fiscal 2013 vs. Fiscal 2012

For the year ended March 31, 2013 ("Fiscal 2013"), net income attributable to equity holders of the Company was $27.2 million, or $0.16 per share. Excluding the $9.6 million non-cash accounting charge in respect to the Company's investment in an associate, adjusted net income for Fiscal 2013 was $36.9 million, or $0.22 per share. As there were no adjustments to net income in the prior year ended March 31, 2012 ("Fiscal 2012"), net income was $73.8 million, or $0.43 per share.

The overall decrease in net income compared to the prior year was mainly due to (i) a 15% decline in the realized silver price; (ii) a decrease in silver production of 0.65 million ounces; (iii) a decrease in base metal production of 20.3 million pounds of lead and zinc; and (iv) higher overall production costs as more ore was processed at reduced head grades for silver, lead and zinc.

In Fiscal 2013, the Company realized sales of $181.6 million compared to $238.0 million in Fiscal 2012.

Cost of sales in Fiscal 2013 was $73.1 million, an increase of 20%, compared to $61.1 million in Fiscal 2012 and included cash costs of $59.9 million compared to $48.7 million in Fiscal 2012. The increase is due to a 19% increase in ore production at lower head grades.

In Fiscal 2013, the gross profit margin was 60% compared to 74% in Fiscal 2012.

Cash flow from operations in Fiscal 2013 was $85.8 million or $0.50 per share, compared to $113.3 million, or $0.65 per share, in Fiscal 2012. The Company ended the fiscal year with $117.9 million in cash, cash equivalents and short-term investments.

OPERATIONS

1. Q4 Fiscal 2013 vs. Q4 Fiscal 2012

In Q4 Fiscal 2013, on a consolidated basis, the Company produced 0.94 million ounces of silver, 2,333 ounces of gold, 9.8 million pounds of lead, and 1.9 million pounds of zinc compared to 1.1 million ounces of silver and 1,987 ounces of gold, 14.7 million pounds of lead, and 2.9 million pounds of zinc in Q4 Fiscal 2012.

Ying Mining District, Henan Province, China

In Fiscal 2013, following a reduction in the cut-off grades for the Ying Mining District resource, the company has begun to gradually reduce the use of the re-suing method and increase the use of the shrinkage method for mining. As a result, ore production has increased but with reduced head grades for silver, lead and zinc, which resulted in less metal production. However, the long term benefit of the change in mining strategy is expected to increase mine life and reduce overall mining costs in an effort to offset the increasing labour cost in China.

Additionally in Q4 Fiscal 2013, contract renewal negotiations with the Company's eight mining contractors took longer than expected as fees needed to be adjusted to reflect the change in mining strategy. The uncertainty during the contract renegotiations affected the ore production rate. As of April 2013, all contracts had been successfully renewed and production rate had returned to levels required to achieve the Company's Fiscal 2014 annual production guidance.

In Q4 Fiscal 2013, the Company mined 153,323 tonnes of ore at the Ying Mining District compared to 135,748 tonnes in Q4 Fiscal 2012. During the quarter, metal production totalled 0.93 million ounces of silver, 800 ounces of gold, 9.5 million pounds of lead and 1.6 million pounds of zinc, compared to 1.1 million ounces of silver, 966 ounces of gold, 14.7 million pounds of lead, and 2.6 million pounds of zinc in Q4 Fiscal 2012.

Head grades were 205 grams per tonne ("g/t") for silver, 2.9% for lead and 0.7% for zinc, compared to 275 g/t for silver, 5.2% for lead and 1.4% for zinc in the same quarter last year.

In Q4 Fiscal 2013, total and cash mining costs per tonne were $72.56 and $61.67, respectively, compared to $73.52 and $57.62 in Q4 Fiscal 2012, respectively.

In Q4 Fiscal 2013, a total of 158,145 tonnes of ore was milled compared to 136,609 tonnes in Q4 Fiscal 2012. The cash milling cost per tonne was $16.05 in Q4 Fiscal 2013 compared to $16.84 in Q4 Fiscal 2012.

Total and cash costs per ounce of silver in Q4 Fiscal 2013 for the Ying Mining District were $5.82 and $3.65 respectively, compared to negative $1.84 and negative $4.22, in Q4 Fiscal 2012, respectively.

BYP Mine, Hunan Province, China

In Q4 Fiscal 2013, the Company mined 19,334 tonnes of ore at the BYP mine with a gold head grade of 3.0 g/t compared to 16,265 tonnes and a gold head grade of 2.1 g/t in Q4 Fiscal 2012. During the quarter, 1,509 ounces of gold were produced and sold at a cash cost per ounce of gold of $493 compared to 1,021 ounces of gold produced and sold at cash cost per ounce of gold of $768 in the same period last year. In Q4 Fiscal 2013, total and cash mining costs per tonne were $58.33 per tonne and $26.35 per tonne respectively compared to $43.22 and $19.24 in Q4 Fiscal 2012, respectively.

2. Fiscal 2013 vs. Fiscal 2012

In Fiscal 2013, on a consolidated basis, the Company produced 4.97 million ounces of silver, 12,457 ounces of gold, 53.9 million pounds of lead and 12.4 million pounds of zinc, compared to 5.62 million ounces of silver, 8,771 ounces of gold, 72.8 million pounds of lead and 13.7 million pounds of zinc in Fiscal 2012.

Ying Mining District, Henan Province, China

In Fiscal 2013, the total ore mined at the Ying Mining District was 776,846 tonnes, an increase of 17% compared to 662,572 tonnes in Fiscal 2012.

Head grades at the Ying Mining District were 220 g/t for silver, 3.3% for lead, and 1.0% for zinc in Fiscal 2013 compared to 287 g/t for silver, 5.2% for lead and 1.4% for zinc in Fiscal 2012.

In Fiscal 2013, the Ying Mining District produced 4.94 million ounces of silver, 4,153 ounces of gold, 52.2 million pounds of lead, and 11.2 million pounds of zinc, compared to 5.61 million ounces of silver, 3,595 ounces of gold, 72.4 million pounds of lead, and 13.5 million pounds of zinc in Fiscal 2012.

Head grades and metal production were impacted by an increase in production from the HPG, TLP, and LM mines, which represented 40% of total production at the Ying Mining District; and the aforementioned impact from the implementation of the change in mining strategy at the Ying Mining District.

In Fiscal 2013, total and cash mining costs per tonne were $66.62 and $55.94 respectively compared to $64.70 and $51.60 in Fiscal 2012, respectively. The overall increase in cash mining costs per tonne was due to: (i) an increase in labour costs of $1.60 per tonne, (ii) an increase in mining administration costs of $1.00 per tonne, (iii) an increase in mining preparation and infill drilling costs of $1.62 per tonne, and (iii) the impact of US dollar depreciation versus the Chinese RMB of $1.00 per tonne. Additional mining preparation and infill drilling were necessary to implement the change in mining strategy.

In Fiscal 2013, total ore milled was 774,534 tonnes, an increase of 16% compared to 667,094 tonnes in Fiscal 2012. In Fiscal 2013, cash milling costs were $13.56 compared to $14.13 in Fiscal 2012.

Including by-product credits, in Fiscal 2013, total cost and cash cost per ounce of silver were $2.45 and $0.48 respectively, compared to negative $3.19 and negative $5.07, respectively, in Fiscal 2012.

BYP Mine, Hunan Province, China

In Fiscal 2013, the total ore mined was 109,093 tonnes compared to 91,128 tonnes in Fiscal 2012. The Company produced and sold 8,068 ounces of gold in Fiscal 2013 compared to 5,064 ounces of gold in Fiscal 2012. The cash cost per ounce of gold was $455 in Fiscal 2013 compared to $474 in Fiscal 2012. Gold head grade for Fiscal 2013 was 3.1 g/t compared to 2.4 g/t in Fiscal 2012.

The consolidated operational results for the past five quarters and full Fiscal 2013 and Fiscal 2012 are summarized in the table below:

Consolidated Operational
 Results                                       Quarterly
                          --------------------------------------------------
                             Q4 2013   Q3 2013   Q2 2013   Q1 2013   Q4 2012
                           31-Mar-13 31-Dec-12 30-Sep-12 30-Jun-12 31-Mar-12
----------------------------------------------------------------------------
Ore Mined (tonne)
 Direct Smelting Ore
  (tonne)                      1,309     2,334     2,442     2,251     2,761
 Stockpiled Ore (tonne)      171,348   278,850   238,005   208,709   153,141
                          --------------------------------------------------
                             172,657   281,184   240,447   210,960   155,902
----------------------------------------------------------------------------
Run of Mine Ore (tonne)
 Direct Smelting Ore
  (tonne)                      1,309     2,334     2,442     2,251     2,761
 Ore Milled (tonne)          198,356   284,394   246,765   214,414   157,423
                          --------------------------------------------------
                             199,665   286,728   249,207   216,665   160,184
----------------------------------------------------------------------------
Metal Sales
 Silver (in thousands of
  ounces)                        944     1,519     1,286     1,224     1,084
 Gold (in thousands of
  ounces)                        2.3       5.1       2.5       2.6       2.0
 Lead (in thousands of
  pounds)                      9,827    16,430    13,897    13,744    14,670
 Zinc (in thousands of
  pounds)                      1,903     3,977     3,523     2,974     2,890
----------------------------------------------------------------------------
Head Grade of Run of Mine
 Ore
 Silver (gram/tonne)             205       222       224       225       275
 Gold (gram/tonne) - BYP
  mine                           3.0       3.7       3.3       2.2       2.1
 Lead (%)                        2.9       3.2       3.4       3.6       5.2
 Zinc (%)                        0.7       1.0       1.2       1.1       1.4
----------------------------------------------------------------------------
Recovery Rate of Run of
 Mine Ore
 Silver (%)                     93.5      93.3      92.7      90.9      93.2
 Gold (%) - BYP mine            92.0      92.7      94.1      90.1      87.1
 Lead (%)                       94.5      95.1      94.3      93.2      96.4
 Zinc (%)                       60.3      70.4      69.6      62.6      64.6
----------------------------------------------------------------------------
Cash Mining Cost ($ per
 tonne)                        57.71     50.98     50.11     50.43     53.40
Total Mining Costs($ per
 tonne)                        70.96     65.26     62.41     65.55     70.24
Cash Milling Cost ($ per
 tonne)                        15.50     12.72     12.40     14.41     16.50
Total Milling Cost ($ per
 tonne)                        17.86     14.23     14.11     16.35     18.75
----------------------------------------------------------------------------
Cash Cost per Ounce of
 Silver ($)                     3.65    (0.17)    (0.74)      0.14    (4.22)
Total Production Cost per
 Ounce of Silver ($)            5.82      1.52      1.05      2.47    (1.84)
----------------------------------------------------------------------------
BYP Cash Cost per Ounce of
 Gold ($)                        493       317       361       577       768
BYP Production Cost per
 Ounce of Gold ($)               870       750       769     1,046     1,378
----------------------------------------------------------------------------

Consolidated Operational
 Results                          Annual
                           --------------------
                               Fiscal    Fiscal
                                 2013      2012
                            31-Mar-13 31-Mar-12
-----------------------------------------------
Ore Mined (tonne)
 Direct Smelting Ore
  (tonne)                       8,336    12,599
 Stockpiled Ore (tonne)       896,912   744,991
                          ---------------------
                              905,248   757,590
-----------------------------------------------
Run of Mine Ore (tonne)
 Direct Smelting Ore
  (tonne)                       8,336    12,599
 Ore Milled (tonne)           943,929   749,922
                          ---------------------
                              952,265   762,521
-----------------------------------------------
Metal Sales
 Silver (in thousands of
  ounces)                       4,973     5,618
 Gold (in thousands of
  ounces)                        12.5       8.8
 Lead (in thousands of
  pounds)                      53,898    72,804
 Zinc (in thousands of
  pounds)                      12,377    13,749
-----------------------------------------------
Head Grade of Run of Mine
 Ore
 Silver (gram/tonne)              220       287
 Gold (gram/tonne) - BYP
  mine                            3.1       2.4
 Lead (%)                         3.3       5.2
 Zinc (%)                         1.0       1.4
-----------------------------------------------
Recovery Rate of Run of
 Mine Ore
 Silver (%)                      92.8      92.9
 Gold (%) - BYP mine             92.4      90.8
 Lead (%)                        94.5      96.0
 Zinc (%)                        66.8      68.0
-----------------------------------------------
Cash Mining Cost ($ per
 tonne)                         52.05     47.40
Total Mining Costs($ per
 tonne)                         65.85     61.51
Cash Milling Cost ($ per
 tonne)                         13.56     14.19
Total Milling Cost ($ per
 tonne)                         15.36     15.85
-----------------------------------------------
Cash Cost per Ounce of
 Silver ($)                      0.48    (5.13)
Total Production Cost per
 Ounce of Silver ($)             2.45    (3.25)
-----------------------------------------------
BYP Cash Cost per Ounce of
 Gold ($)                         455       474
BYP Production Cost per
 Ounce of Gold ($)                882       844
-----------------------------------------------

3. Fiscal 2013 vs. Fiscal 2013 Guidance

                Ying Mining District         BYP             X mines(1)

                     F2013  Guidance     F2013  Guidance     F2013  Guidance
----------------------------------------------------------------------------
Ore (tonne)        774,534   740,000   104,090    92,000    73,641
----------------------------------------------------------------------------
                                 Head Grades
----------------------------------------------------------------------------
Silver
 (gram/tonne)        220.0     245.0
Gold
 (gram/tonne)          0.2       0.2       3.1       2.1
Lead (%)               3.3       4.0
Zinc (%)               1.0       1.5
----------------------------------------------------------------------------
                              Metal Production
----------------------------------------------------------------------------
Silver ('000 Oz)     4,941     5,300                            32        50
Gold ('000 Oz)         4.2       3.6       8.1       4.7       0.2
Lead ('000 Lb)      52,220    65,000                         1,678     2,500
Zinc ('000 Lb)      11,171    13,000       283     1,300       923     1,200
----------------------------------------------------------------------------
(1) Xmines production represents development tunnelling ore from XBG and XHP
 mines.
(2) No commerical production at GC mine in Fiscal 2013.

                        GC(2)               Total

                     F2013  Guidance     F2013  Guidance
--------------------------------------------------------
Ore (tonne)              -    35,000   952,265   867,000
--------------------------------------------------------
                       Head Grades
--------------------------------------------------------
Silver
 (gram/tonne)
Gold
 (gram/tonne)
Lead (%)
Zinc (%)
--------------------------------------------------------
                    Metal Production
--------------------------------------------------------
Silver ('000 Oz)         -       170     4,973     5,520
Gold ('000 Oz)           -                12.5       8.3
Lead ('000 Lb)           -     1,200    53,898    68,700
Zinc ('000 Lb)           -     1,500    12,377    17,000
--------------------------------------------------------
(1) Xmines production represents development tunnelling
 ore from XBG and XHP mines.
(2) No commerical production at GC mine in Fiscal 2013.

DEVELOPMENT AND EXPLORATION

1. Ying Mining District, Henan Province, China

In Q4 Fiscal 2013, $5.2 million (Q4 Fiscal 2012 - $5.8 million) in exploration and development expenditure was incurred at the Ying Mining District. In Fiscal 2013, $33.3 million (Fiscal 2012 - $28.7 million) in exploration and development expenditure was incurred at the Ying Mining District.

SGX Mine

As at the end Fiscal 2013, the Company had completed over 1,800 metres ("m") of the 5,200m ramp at the SGX mine. The ramp is designed to follow the S7-1 and S8 veins from the 450m elevation to the 150m elevation and then bottom at the zero metre elevation, where it will be connected to three existing vertical blind shafts to provide ventilation and access. The Company expects to complete construction of the ramp in calendar year 2015. As construction progresses, the ramp is expected to increase production capacity at the SGX mine with effect from the second quarter of Fiscal 2014.

In Fiscal 2013, the Company also developed 31,600m of horizontal tunnels and completed 63,000m of underground drilling at the SGX mine.

During the year, to support the ongoing expansion work at the SGX mine, the Company has completed the design work for a new 5,000 square metre ("m2") surface facility which will include offices and dormitories. Site preparation work (roads, power, and water) has been completed while construction for the first phase of the surface facilities began at the end of March 2013.

LM Mine and LM Mine West

At the end Fiscal 2013, the Company completed nearly 1,700m of the development work for a 4,800m access ramp at the LM Mine West ("LM West"). The ramp was collared at the 980m elevation and is designed to provide access to veins LM7, LM8, LM10, LM11, LM12, LM13 at the northern end of LM West and veins LM14, LM16, and LM17 at the southern end of LM West. The upper portion of the ramp has already been connected to existing tunnels at LM West resulting in improved tunnel ventilation and hauling capacity.

Shaft 969 at LM West is on schedule to become operational in Fiscal 2014 and is expected to commence ore production during the third quarter of Fiscal 2014. Once Shaft 969, the access ramp and all of the mining levels are completed down to the 500m elevation at LM West in Fiscal 2015, the combined production capacity of the LM mine and LM West is expected to be approximately 300,000 tonnes of ore per year.

In Fiscal 2013, the Company also developed 17,300m of decline and horizontal tunnels and completed 49,300m of underground drilling at the LM mine and LM West.

To support the expansion in operations at the LM mine and LM West, the Company has completed the site preparation work for the construction of a 3,000m2 surface facility, including offices and a dormitory building. The Company expects to commence construction in the first half of Fiscal 2014.

TLP Mine

In Fiscal 2013, the Company developed over 19,500m of horizontal tunnels and completed 27,500m of underground drilling.

HPG Mine

In Fiscal 2013, the Company developed over 10,500m of decline and horizontal tunnels and completed 16,000m of underground drilling.

2. GC Project, Guangdong Province, China

In Fiscal 2013, the Company substantially completed the GC mine construction.

The main access ramp totalling 2,010m in length was completed in Fiscal 2013 and has accessed the V2 vein at the +40m, +20m, and 0m elevations. In addition, 1,520m of the 4,600m exploration ramp was completed during Fiscal 2013. Once the exploration ramp is completed, it will provide access to all known veins within a horizontal distance of 250m. The exploration ramp has accessed the V9, V9-1, V9W-1 and V9W-2 veins at the 100m, 50m and 0m elevations through cross-cuts and has developed transportation drifts and mining preparation drifts. The exploration ramp has also been connected to the main ramp at the +100m, +50m and 0m elevations, as well as to the main shaft at the 100m elevation to provide ventilation and a safety exit. During the course of Fiscal 2014, the Company will use the main ramp and the exploration ramp access points for mining.

As at the end of Fiscal 2013, 550m of the 628m main shaft was completed down to an elevation of -300m. The shaft is expected to reach its designed elevation of -380m in the second quarter of Fiscal 2014. Installation of the hoist system, including the hoist tower for the shaft is expected to be completed by the beginning of Fiscal 2015.

During Fiscal 2013, the construction of the 1,600 t/d floatation mill was also completed. In March 2013 the Company commenced equipment testing and trial processing to fine tune the mill circuit to achieve the desired metallurgical recovery rates for silver, lead, zinc, tin, and sulphur in concentrates. Testing is expected to last several months. The construction of the dry stack tailings storage facility and the related safety and environmental protection facilities was completed by the end of March 2013.

The construction of a new power supply system to provide sufficient power to the site, consisting of a 5.8 kilometre power line, a 110KV substation, and a 10KV safety backup-circuit began in late September 2012. In February 2013, the new power supply station began supplying power to the site.

To achieve formal commercial production, the Company is required to pass a series of regulatory inspections to ensure it has complied with safety and environmental protection requirements. The Company expects to pass the inspection and to obtain its Safety Production Permit in the third quarter of Fiscal 2014.

In Fiscal 2013, the Company completed 35,500m diamond drilling using five underground drill rigs and two surface drill rigs currently on site at the GC mine.

In Q4 Fiscal 2013, $4.8 million (Q4 Fiscal 2012 - $3.5 million) of exploration and development expenditure was incurred at the GC mine. In Fiscal 2013, $15.8 million (Fiscal 2012 - $5.9 million) of exploration and development expenditure was incurred at the GC mine.

3. BYP Mine, Hunan Province, China

In Fiscal 2013, the Company completed the preparation work for the construction of a shaft with a total depth of 265m. Ongoing work includes the installation of shaft equipment and construction of the head frame. Once completed, this shaft which will facilitate mining of the #3 gold mineralization body and the #5 zinc and lead ore body. In addition, the construction of a 1,500 t/d tailings-backfill facility is expected to be completed in the first quarter of Fiscal 2014.

In Fiscal 2013, approximately $5.7 million (Fiscal 2012 - $4.0 million) in exploration and development expenditure was incurred at the BYP mine, of which $1.1 million was incurred in Q4 Fiscal 2013 (Q4 Fiscal 2012 - $1.2 million).

4. Fiscal 2014 Capital Expenditure Review

Following the recent decline in metal prices, the Company is currently reviewing its capital expenditure for Fiscal 2014 to identify opportunities to reduce costs and optimize the allocation of capital across the Company, including examining strategic options for non-core assets.

Myles Gao , P.Geo., President, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this News Release.

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.

CONFERENCE CALL AND WEBCAST INFORMATION

An analyst conference call will be held on Thursday, May 23, 2013 at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the results. Participants may join the call by dialing 1-866-226-1793 toll-free or 1-416-340-2218 for calls outside of Canada and the U.S. Members of the media are invited to attend on a listen-only basis.

A live audio webcast of the conference call, together with supporting presentation slides, will be available on the home page of the Company's website, www.silvercorp.ca. The webcast will be archived and available on the Company's website for up to one year.

An audio replay will be available until May 30, 2013 by calling 1-800-408-3053 toll free or 1-905-694-9451 for calls outside Canada and the U.S. and entering pass code 5618743.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in 2013. The Company's vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining Camp; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended March 31, 2012 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

SILVERCORP METALS INC.
Consolidated Balance Sheets
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)

                                            March 31, 2013    March 31, 2012
----------------------------------------------------------------------------
ASSETS
Current Assets
 Cash and cash equivalents                 $        72,283  $        109,960
 Short-term investments                             45,623            44,551
 Accounts receivable                                 1,442            12,904
 Inventories                                         7,522             7,006
 Due from related parties                              123               679
 Prepaids and deposits                               5,118             5,210
----------------------------------------------------------------------------
                                                   132,111           180,310

Non-current Assets
 Long term prepaids and deposits                     1,877             6,015
 Investment in an associate                          6,523            15,872
 Other investments                                  15,516            45,757
 Plant and equipment                               103,517            68,788
 Mineral rights and properties                     316,678           258,521
----------------------------------------------------------------------------
TOTAL ASSETS                               $       576,222  $        575,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES AND EQUITY
Current Liabilities
 Accounts payable and accrued liabilities  $        29,285  $         23,590
 Deposits received                                  11,497             7,268
 Dividends payable                                   4,204             4,271
 Income tax payable                                  1,349             5,082
 Due to related parties                              1,207                 -
----------------------------------------------------------------------------
                                                    47,542            40,211

Non-current Liabilities
 Deferred income tax liabilities                    24,603            19,820
 Environmental rehabilitation                        5,974             4,400
----------------------------------------------------------------------------
Total Liabilities                                   78,119            64,431
----------------------------------------------------------------------------

Equity
 Share capital                                     233,082           232,678
 Share option reserve                                8,314             5,552
 Reserves                                           24,717            24,717
 Accumulated other comprehensive (loss)
  income                                            (1,495)           25,285
 Retained earnings                                 155,817           145,580
----------------------------------------------------------------------------
Total equity attributable to the equity
 holders of the Company                            420,435           433,812

Non-controlling interests                           77,668            77,020
----------------------------------------------------------------------------
Total Equity                                       498,103           510,832
----------------------------------------------------------------------------

TOTAL LIABILITIES AND EQUITY               $       576,222  $        575,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SILVERCORP METALS INC.
Consolidated Statements of Income
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for per share figures)

                             Three Months Ended                 Years Ended
                                      March 31,                   March 31,
                    --------------------------- ----------------------------
                             2013          2012          2013          2012
----------------------------------------------------------------------------
                       (Unaudited)   (Unaudited)
Sales                $     33,147  $     44,312  $    181,622  $    237,962
Cost of sales              16,060        14,329        73,089        61,149
----------------------------------------------------------------------------
Gross profit               17,087        29,983       108,533       176,813

General and
 administrative             6,252         8,042        25,734        27,124
General exploration
 and property
 investigation                711           249         3,909         3,699
Other taxes                   483         1,264         2,985         4,394
Foreign exchange
 gain                      (1,050)          (97)       (1,382)         (406)
Loss on disposal of
 plant and equipment           64            20           149           268
Gain on disposal of
 mineral rights and
 properties                  (644)            -          (644)            -
Share of loss (gain)
 in associate                 (34)          137           197           182
Impairment on
 associate                      -             -         9,640             -
Loss on investments           980           281         1,651           567
Other income                 (153)         (840)         (535)       (2,457)
----------------------------------------------------------------------------
Income from
 operations                10,478        20,927        66,829       143,442

Finance income              1,666           812         4,507         3,528
Finance costs                 (23)          (26)          (92)          (94)
----------------------------------------------------------------------------
Income before income
 taxes                     12,121        21,713        71,244       146,876

Income tax expense          3,730         7,657        29,201        45,648
----------------------------------------------------------------------------
Net income           $      8,391  $     14,056  $     42,043  $    101,228
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Attributable to:
 Equity holders of
  the Company        $      6,361  $      9,700  $     27,211  $     73,838
 Non-controlling
  interests                 2,030         4,356        14,832        27,390
----------------------------------------------------------------------------
                     $      8,391  $     14,056  $     42,043  $    101,228
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings per share
 attributable to the
 equity holders of
 the Company
Basic earnings per
 share               $       0.04  $       0.06  $       0.16  $       0.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings per
 share               $       0.04  $       0.06  $       0.16  $       0.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average
 Number of Shares
 Outstanding - Basic  170,772,725   170,650,904   170,733,504   172,487,486
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average
 Number of Shares
 Outstanding -
 Diluted              170,990,015   171,162,713   171,059,482   173,214,711
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SILVERCORP METALS INC.
Consolidated Statements of Cash Flow
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)

                               Three Months Ended               Years Ended
                                        March 31,                 March 31,
                        -------------------------- -------------------------
                                2013         2012         2013         2012
----------------------------------------------------------------------------
Cash provided by          (Unaudited)  (Unaudited)
Operating activities
 Net income              $     8,391  $    14,056  $    42,043  $   101,228
 Add (deduct) items not
  affecting cash:
  Unwinding of discount
   of environmental
   rehabilitation                 23           24           92           94
  Depreciation,
   amortization and
   depletion                   2,935        3,758       14,588       13,704
  Share of loss (gain)
   in associate                  (34)         137          197          182
  Impairment on
   associate                       -            -        9,640            -
  Write down of
   inventories                     -            -          348            -
  Income tax expense           3,730        7,657       29,201       45,648
  Loss on investments            980          281        1,651          567
  Loss on disposal of
   plant and equipment            64           20          149          268
  Gain on disposal of
   mineral rights and
   properties                   (644)           -         (644)           -
  Share-based
   compensation                  739          708        2,893        3,094
 Income tax paid              (5,914)     (11,983)     (28,237)     (37,644)
 Changes in non-cash
  operating working
  capital                      4,536       (2,061)      13,877      (13,863)
----------------------------------------------------------------------------
Net cash provided by
 operating activities         14,806       12,597       85,798      113,278
----------------------------------------------------------------------------

Investing activities
 Mineral rights and
  properties
  Capital expenditures       (14,202)     (11,964)     (56,057)     (43,426)
  Proceeds on disposals        1,750            -        1,750            -
 Plant and equipment
  Additions                   (9,056)      (3,984)     (33,531)     (23,385)
  Proceeds on disposals           80          113           80          113
 Other investments
  Acquisition                      -         (944)        (595)      (1,964)
 Reclamation
  expenditures                     -          (47)           -          (47)
 Net redemptions
  (purchases) of short-
  term investments            15,055        2,534       (1,184)      15,993
 Acquisition of
  Zhongxing/Chuanxin
  (net of cash acquired,
  $20)                             -       (2,571)           -      (12,005)
 Acquisition of SX Gold
  (net of cash acquired,
  $554)                            -            -            -      (22,320)
 Changes in long term
  prepaids and deposits       (1,362)      (1,094)      (1,610)      (3,847)
----------------------------------------------------------------------------
Net cash used in
 investing activities         (7,735)     (17,957)     (91,147)     (90,888)
----------------------------------------------------------------------------

Financing activities
 Related parties
  Payments made                 (265)        (135)        (973)      (4,673)
  Repayments received            246           75        1,561          598
 Non-controlling
  interests
  Contribution                     -            -            -        5,519
  Distribution                  (636)           -      (15,248)     (13,804)
 Cash dividends
  distributed                 (4,291)      (4,205)     (17,111)     (14,891)
 Proceeds from issuance
  of common shares                34          308          273        1,304
 Common shares
  repurchased as part of
  normal course issuer
  bid                              -            -            -      (35,380)
----------------------------------------------------------------------------
Net cash used in
 financing activities         (4,912)      (3,957)     (31,498)     (61,327)
----------------------------------------------------------------------------

Effect of exchange rate
 changes on cash and
 cash equivalents               (712)      (1,857)        (830)       1,673
----------------------------------------------------------------------------

Increase (decrease) in
 cash and cash
 equivalents                   1,447      (11,174)     (37,677)     (37,264)

Cash and cash
 equivalents, beginning
 of the period                70,836      121,134      109,960      147,224
----------------------------------------------------------------------------

Cash and cash
 equivalents, end of the
 period                  $    72,283  $   109,960  $    72,283  $   109,960
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SILVERCORP METALS INC.
Mining Data
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)

                                     Three months ended March 31, 2013
                               ---------------------------------------------
                                      Ying
                                    Mining
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ore (tonne)       1,309         -             -     1,309
   Stockpiled Ore(tonne)           152,014         - (i)    19,334   171,348
                               ---------------------------------------------
                                   153,323         -        19,334   172,657
                               ---------------------------------------------
  Run of Mine Ore (tonne)
   Direct Smelting Ore(tonne)        1,309         -             -     1,309
   Ore Milled(tonne)               156,836    15,292 (i)    26,228   198,356
                               ---------------------------------------------
                                   158,145    15,292        26,228   199,665
                               ---------------------------------------------

  Mining cost per tonne of ore
   mined ($)                         72.56         -         58.33     70.96
   Cash mining cost per tonne
    of ore mined ($)                 61.67         -         26.35     57.71
   Non cash mining cost per
    tonne of ore mined ($)           10.89         -         31.98     13.25

  Unit shipping costs($)              3.90         -             -      3.47

  Milling cost per tonne of ore
   milled ($)                        18.61         -         13.28     17.86
   Cash milling cost per tonne
    of ore milled ($)                16.05         -         12.17     15.50
   Non cash milling cost per
    tonne of ore milled ($)           2.56         -          1.11      2.36

  Average Production Cost
   Silver($ per ounce)               11.10         -             -     11.63
   Gold ($ per ounce)                  544         -           871       600
   Lead($ per pound)                  0.36         -             -      0.38
   Zinc ($ per pound)                 0.34         -             -      0.36

  Total production cost per
   ounce of Silver ($)                5.82         -                    5.82
  Total cash cost per ounce of
   Silver ($)                         3.65         -                    3.65

  Total production cost per
   ounce of Gold ($)                                           870       870
  Total cash cost per ounce of
   Gold ($)                                                    493       493

  Total Recovery of the Run of
   Mine Ore
   Silver (%)                         93.5         -                    93.5
   Gold (%)                                                   92.0      92.0
   Lead (%)                           94.5         -                    94.5
   Zinc(%)                            60.3         -                    60.3

  Head Grades of Run of Mine
   Ore
   Silver(gram/tonne)                  205         -                     205
   Gold(gram/tonne)                                            3.0       3.0
   Lead (%)                            2.9         -                     2.9
   Zinc (%)                            0.7         -                     0.7

Sales Data
 Metal Sales
  Silver (in thousands of
   ounces)                             933        11 (i)         -       944
  Gold(in thousands of ounces)         0.8         - (i)       1.5       2.3
  Lead(in thousands of pounds)       9,462       365 (i)         -     9,827
  Zinc(in thousands of pounds)       1,554       349 (i)         -     1,903

 Metal Sales
  Silver (in thousands of $)        21,883         -             -    21,883
  Gold (in thousands of $)             921         -         1,938     2,859
  Lead (in thousands of $)           7,277         -             -     7,277
  Zinc(in thousands of $)            1,128         -             -     1,128
                               ---------------------------------------------
                                    31,208         -         1,938    33,147
                               ---------------------------------------------
 Average Selling Price,Net of Value Added
  Tax and Smelter Charges
  Silver($ per ounce)                23.49         -             -     23.49
  Gold ($ per ounce)                 1,151         -         1,285     1,226
  Lead($ per pound)                   0.77         -             -      0.77
  Zinc ($ per pound)                  0.73         -             -      0.73

(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.
(2) X Mines includes the XBG project and XHP project.
(i) Represents development tunnelling ore at the X mines.

SILVERCORP METALS INC.
Mining Data
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)

                                     Three months ended March 31, 2012
                               ---------------------------------------------
                                      Ying
                                    Mining
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ore (tonne)       2,761         -             -     2,761
   Stockpiled Ore(tonne)           132,987     3,890 (i)    16,265   153,142
                               ---------------------------------------------
                                   135,748     3,890        16,265   155,903
                               ---------------------------------------------
  Run of Mine Ore (tonne)
   Direct Smelting Ore(tonne)        2,761         -             -     2,761
   Ore Milled(tonne)               133,848         -        23,575   157,423
                               ---------------------------------------------
                                   136,609         -        23,575   160,184
                               ---------------------------------------------

  Mining cost per tonne of ore
   mined ($)                         73.52     68.75 (i)     43.22     70.24
   Cash mining cost per tonne
    of ore mined ($)                 57.62     48.81 (i)     19.24     53.40
   Non cash mining cost per
    tonne of ore mined ($)           15.90     19.95 (i)     23.98     16.84

  Unit shipping costs($)              3.46      3.92 (i)         -      3.46

  Milling cost per tonne of ore
   milled ($)                        19.39         -         15.04     18.75
   Cash milling cost per tonne
    of ore milled ($)                16.84         -         14.58     16.50
   Non cash milling cost per
    tonne of ore milled ($)           2.56         -          0.46      2.25

  Average Production Cost
   Silver($ per ounce)                8.34         -             -      8.34
   Gold ($ per ounce)                  361         -         1,377       424
   Lead($ per pound)                  0.28         -             -      0.28
   Zinc ($ per pound)                 0.22         -             -      0.22

  Total production cost per
   ounce of Silver ($)              (1.84)         -                  (1.84)
  Total cash cost per ounce of
   Silver ($)                       (4.22)         -                  (4.22)

  Total production cost per
   ounce of Gold ($)                                         1,378     1,378
  Total cash cost per ounce of
   Gold ($)                                                    768       768

  Total Recovery of the Run of
   Mine Ore
   Silver (%)                         93.2         -                    93.2
   Gold (%)                                                   87.1      87.1
   Lead (%)                           96.4         -                    96.4
   Zinc(%)                            64.6         -                    64.6

  Head Grades of Run of Mine
   Ore
   Silver(gram/tonne)                  275         -                     275
   Gold(gram/tonne)                                            2.1       2.1
   Lead (%)                            5.2         -                     5.2
   Zinc (%)                            1.4         -                     1.4

Sales Data
 Metal Sales
  Silver (in thousands of
   ounces)                           1,084         -             -     1,084
  Gold(in thousands of ounces)         1.0         -           1.0         2
  Lead(in thousands of pounds)      14,670         -             -    14,670
  Zinc(in thousands of pounds)       2,641         -           249     2,890

 Metal Sales
  Silver (in thousands of $)        27,500         -             -    27,500
  Gold (in thousands of $)           1,125         -         1,396     2,521
  Lead (in thousands of $)          12,366         -             -    12,366
  Zinc(in thousands of $)            1,773         -           152     1,925
                               ---------------------------------------------
                                    42,764         -         1,548    44,312
                               ---------------------------------------------
 Average Selling Price,Net of Value Added
  Tax and Smelter Charges
  Silver($ per ounce)                25.37         -             -     25.37
  Gold ($ per ounce)                 1,165         -         1,367     1,269
  Lead($ per pound)                   0.84         -             -      0.84
  Zinc ($ per pound)                  0.67         -          0.61      0.67

(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.
(2) X Mines includes the XBG project and XHP project.
(i) Represents development tunnelling ore at the X mines.

SILVERCORP METALS INC.
Mining Data
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)

                                         Year ended March 31, 2013
                               ---------------------------------------------
                                      Ying
                                    Mining
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ore (tonne)       8,336         -             -     8,336
   Stockpiled Ore(tonne)           768,510    19,309 (i)   109,093   896,912
                               ---------------------------------------------
                                   776,846    19,309       109,093   905,248
                               ---------------------------------------------
  Run of Mine Ore (tonne)
   Direct Smelting Ore(tonne)        8,336         -             -     8,336
   Ore Milled(tonne)               766,198    73,641 (i)   104,090   943,929
                               ---------------------------------------------
                                   774,534    73,641       104,090   952,265
                               ---------------------------------------------

  Mining cost per tonne of ore
   mined ($)                         66.62         -         60.33     65.85
   Cash mining cost per tonne
    of ore mined ($)                 55.94         -         24.30     52.05
   Non cash mining cost per
    tonne of ore mined ($)           10.68         -         36.02     13.80

  Unit shipping costs($)              3.76         -             -      3.30

  Milling cost per tonne of ore
   milled ($)                        15.45         -         14.64     15.36
   Cash milling cost per tonne
    of ore milled ($)                13.56         -         13.54     13.56
   Non cash milling cost per
    tonne of ore milled ($)           1.89         -          1.10      1.80

  Average Production Cost
  Silver($ per ounce)                 9.13         -             -      9.54
   Gold ($ per ounce)                  447         -           888       508
   Lead($ per pound)                  0.31         -             -      0.32
   Zinc ($ per pound)                 0.25         -          0.38      0.26

  Total production cost per
   ounce of Silver ($)                2.45         -                    2.45
  Total cash cost per ounce of
   Silver ($)                         0.48         -                    0.48

  Total production cost per
   ounce of Gold ($)                                           882       882
  Total cash cost per ounce of
   Gold ($)                                                    455       455

  Total Recovery of the Run of
   Mine Ore
   Silver (%)                         92.8         -                    92.8
   Gold (%)                                                   92.4      92.4
   Lead (%)                           94.5         -                    94.5
   Zinc(%)                            66.8         -                    66.8

  Head Grades of Run of Mine
   Ore
   Silver(gram/tonne)                  220         -                     220
  Gold(gram/tonne)                                             3.1       3.1
   Lead (%)                            3.3         -                     3.3
   Zinc (%)                            1.0         -                     1.0

Sales Data
 Metal Sales
  Silver (in thousands of
   ounces)                           4,941        32 (i)         -     4,973
  Gold(in thousands of ounces)         4.2       0.2 (i)       8.1      12.5
  Lead(in thousands of pounds)      52,220     1,678 (i)         -    53,898
  Zinc(in thousands of pounds)      11,171       923 (i)       283    12,377

 Metal Sales
  Silver (in thousands of $)       117,124         -             -   117,124
  Gold (in thousands of $)           4,815         -        10,605    15,420
  Lead (in thousands of $)          41,689         -             -    41,689
  Zinc(in thousands of $)            7,231         -           158     7,389
                               ---------------------------------------------
                                   170,859         -        10,763   181,622
                               ---------------------------------------------
 Average Selling Price,Net of Value Added
  Tax and Smelter Charges
  Silver($ per ounce)                23.71         -             -     23.71
  Gold ($ per ounce)                 1,160         -         1,314     1,238
  Lead($ per pound)                   0.80         -             -      0.80
  Zinc ($ per pound)                  0.65         -          0.56      0.65

(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.
(2) X Mines includes the XBG project and XHP project.
(i) Represents development tunnelling ore at the X mines.

SILVERCORP METALS INC.
Mining Data
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)

                                         Year ended March 31, 2012
                               ---------------------------------------------
                                      Ying
                                    Mining
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ore (tonne)      12,599         -             -    12,599
   Stockpiled Ore(tonne)           649,973     3,890 (i)    91,128   744,991
                               ---------------------------------------------
                                   662,572     3,890        91,128   757,590
                               ---------------------------------------------
  Run of Mine Ore (tonne)
   Direct Smelting Ore(tonne)       12,599         -             -    12,599
   Ore Milled(tonne)               654,495    11,667 (i)    83,760   749,922
                               ---------------------------------------------
                                   667,094    11,667        83,760   762,521
                               ---------------------------------------------

  Mining cost per tonne of ore
   mined ($)                         64.70     68.75 (i)     38.00     61.51
   Cash mining cost per tonne
    of ore mined ($)                 51.60     48.81 (i)     16.79     47.40
   Non cash mining cost per
    tonne of ore mined ($)           13.10     19.95 (i)     21.21     14.11

  Unit shipping costs($)              3.34      3.92 (i)         -      3.34

  Milling cost per tonne of ore
   milled ($)                        15.91     22.92 (i)     14.33     15.85
   Cash milling cost per tonne
    of ore milled ($)                14.13     20.11 (i)     13.85     14.19
   Non cash milling cost per
    tonne of ore milled ($)           1.78      2.81 (i)      0.48      1.66

  Average Production Cost
   Silver($ per ounce)                7.14      6.17 (i)         -      7.14
   Gold ($ per ounce)                  281       377 (i)       854       323
   Lead($ per pound)                  0.22      0.22 (i)         -      0.22
   Zinc ($ per pound)                 0.17         -             -      0.17

  Total production cost per
   ounce of Silver ($)              (3.19)   (56.67) (i)              (3.25)
  Total cash cost per ounce of
   Silver ($)                       (5.07)   (60.33) (i)              (5.13)

  Total production cost per
   ounce of Gold ($)                                           844       844
  Total cash cost per ounce of
   Gold ($)                                                    474       474

  Total Recovery of the Run of
   Mine Ore
   Silver (%)                         92.9      50.0                    92.9
   Gold (%)                                                   90.8      90.8
   Lead (%)                           96.0      80.6                    96.0
   Zinc(%)                            68.0         -                    68.0

  Head Grades of Run of Mine
   Ore
   Silver(gram/tonne)                  287        35                     287
   Gold(gram/tonne)                                            2.4       2.4
   Lead (%)                            5.2       2.5                     5.2
   Zinc (%)                            1.4         -                     1.4

Sales Data
 Metal Sales
  Silver (in thousands of
   ounces)                           5,612         6 (i)         -     5,618
  Gold(in thousands of ounces)         3.6       0.1 (i)       5.1       8.8
  Lead(in thousands of pounds)      72,360       444 (i)         -    72,804
  Zinc(in thousands of pounds)      13,500         -           249    13,749

 Metal Sales
  Silver (in thousands of $)       155,961       124 (i)         -   156,085
  Gold (in thousands of $)           4,123       155 (i)     6,749    11,027
  Lead (in thousands of $)          61,164       362 (i)         -    61,526
  Zinc(in thousands of $)            9,172         -           152     9,324
                               ---------------------------------------------
                                   230,420       641         6,901   237,962
                               ---------------------------------------------
 Average Selling Price,Net of Value Added
  Tax and Smelter Charges
  Silver($ per ounce)                27.79     22.51             -     27.78
  Gold ($ per ounce)                 1,147     1,376         1,333     1,257
  Lead($ per pound)                   0.85      0.81             -      0.85
  Zinc ($ per pound)                  0.68         -          0.61      0.68

(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.
(2) X Mines includes the XBG project and XHP project.
(i) Represents development tunnelling ore at the X mines.



FOR FURTHER INFORMATION PLEASE CONTACT:
Silvercorp Metals Inc.
Jonathan Hackshaw
Director, Investor Relations
(604) 669-9397 or Toll Free 1(888) 224-1881
investor@silvercorp.ca
www.silvercorp.ca




Source: Silvercorp Metals Inc.

The information posted in news releases was accurate at the time of posting, but may be superseded by subsequent news releases.